Life insurance that has a cash value can be cashed in. When it is cashed in, the policy ends. There are some other options, such as borrowing from the cash value, that could be considered if you want to keep your policy in effect.
Term life insurance does not have a cash value, and some permanent policies do not have more than a negligible cash value for years, or never generate much cash value. Those type of policies could be stopped, but could not be technically cashed in because there would be no cash to collect.
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Term life insurance does not have a cash value, and some permanent policies do not have more than a negligible cash value for years, or never generate much cash value. Those type of policies could be stopped, but could not be technically cashed in because there would be no cash to collect.